Homework on Finality - Questions

Blockchain and Bitcoin 101
#3155

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All Transactions are Final. There are no reversals. Once the transaction is confirmed, it is
    there forever.

  2. How does this lead to the trustless environment that blockchain creates?
    It prevents scams from happening. We are able to verify everything and eliminates chargebacks
    from happening,.

2 Likes
#3156

  1. once a transaction has occurred, there is no way to reverse it or get it back. unchangeable.

  2. via network transaction verification through math

1 Like
#3157
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That there is no going back, once a transaction has completed it is locked in to the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates
    Allows us to do business with strangers as transactions are verified mathematically.
1 Like
#3158

Hello,

  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once consensus is reached and a transaction is added to a block, it simply canā€™t be reversed. Itā€™s now on the ledger and is there to stay.

  1. How does this lead to the trustless environment that blockchain creates?

The trust is in the network, in the protocol, based on math, hence no feelings involved, no partiality from any third party. Transactions are publicly and immutably added to the ledger.

1 Like
#3159

  1. It means that once a transaction has been sent it canā€™t be cancelled such as bank customers do to today.

  2. It assures that it is physically impossible for an entity to access my accounts.

1 Like
#3160

  1. The finality/immutability of the transaction on blockhain is determined by two facets. One is that once the transaction is created and processed it cannot be canceled or it is permanent. The other is that there is not a way for the transaction to be disputed or refunded or it is indisputable and irrefundable.

  2. The trustless environment is created because the finality of transactions and contracts wonā€™t allow for validation or deletion after initial ledger network validation is performed.

2 Likes
#3161

  1. Once a transaction is added to the block chain it cant be taken back. Because blockchain is a verified ledger transactions are verified and confirmed through the public nodes. Each node makes a copy as we learned previously and any further transactions will be new transactions which are also added to the blockchain.

  2. By making the transaction irreversible you create a trustless environment because each side of the transaction has no means to reverse it. Once the terms of the transaction are agreed upon neither side can change them.

1 Like
#3162
  1. That once itā€™s done, itā€™s done. Cannot be reverted
  2. Things canā€™t be undone
1 Like
#3163
  1. Once a transaction has been recorded on chain, it is immutable, meaning that is cannot be changed. It is there forever; irreversible.
  2. The transactions are verifiable on the blockchain. They have been verified by the miners and all miners would have to be in consensus to change it, which is virtually impossible.
1 Like
#3164
2 Likes
#3165

1 - It means that transactions are final, which means that they canā€™t be reversed or modified.

2 - It eliminates the need for a third party because the blockchain verifies each transaction.

1 Like
#3166

  1. Thereā€™s no way to reverse a transaction on a blockchain network; once itā€™s been made it will be on the system forever.

  2. As thereā€™s full transparency for all transactions occurred on the network thereā€™s no need to trust any party due to being possible to mathematically verify every transaction thanks to the mechanisms of mining and Proof of Work (PoW).
    In this way, we can do business with strangers without any fear of possibly be cheated.

2 Likes
#3167

1 It means that once a transaction is confirmed , it is final and cannot be reversed.

  1. Finality is core to the trustless environment that blockchain creates by giving parties to a transaction the peace of mind of knowing that a confirmed transaction cannot be reversed or cancelled.
1 Like
#3168
  1. No one can erase any transaction or information that has been announced.
  2. Thereā€™s no way back and people cannot scam others by undoing the transactions, everything is recorded in the ledger shared by all miners.
1 Like
#3169

Finality Answers

  1. What is meant when referring to transactions on the blockchain network is that all transactions after confirming have happened and can not be altered or reversed.

  2. This state of finality makes all transactions permanent, removing the fear that one party may try and cheat the other through a fictitious claim.

1 Like
#3170
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • When a transaction is entered/added In public ledger maintained by network of computers and validated by mathematics protocol,then that transaction cannot be reversed or deleted thus it gives every transaction taken place on blockchain immutability.
  1. How does this lead to the trustless environment that blockchain creates?
  • Trusless environment is created by not putting all the trust on a single entity to confirm the transaction, it is rather agreed by consensus mechanism and following standard mathematics protocols. The very decentralized nature of blockchain network leads to the trustless environment
1 Like
#3171

Finality ā€“ Module 11 - Homework

Homework on Finality ā€“ Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transactions made on the blockchain cannot be reversed or adjusted. All transactions are final and will leave a permanent record on the blockchain.

  1. How does this lead to the trustless environment that blockchain creates?

Since nobody can reverse or alter a transaction no trust is needed because the transactions will be executed and verified mathematically making it impossible to cheat.

1 Like
#3172

  1. Transactions on the blockchain once verified cannot be changed (immutability) or removed (finality).

  2. This leads to a trustless environment because there can be no disputing completed transactions, which would require some type of deciding between two parties who disagree about a transaction (thus needing to decide who to trust). Here we just trust the ledger, whatever it says goes.

1 Like
#3173
  1. Cannot be reversed. Once the chain is accepted it is final.
  2. Trustless to a point. No need to trust a human. Trust is in the chain!
1 Like
#3174
  1. Once transaction has finality it cannot be reversed or duplicatedā€¦ it is on the blockchain forever.
  2. Second or third parties dont need to be trusted on blockchain, as the blockchain verifies transactions itself, meaning you can do transactions with anyone knowing the transaction is verified by mathematically certainty.
1 Like